Segment
Reinsurance
What’s new: In brief (January 11, 2005)
January 11, 2005 by Canadian UnderwriterCIBC Insurance is providing quotes on p&c insurance from various other insurers, to clients in Ontario and Alberta, via the bank’s website. The site provides a link to online insurance marketplace Kanetix as a service to clients, although CIBC no…
More understanding of “megacity” risk needed: Munich Re
January 11, 2005 by Canadian UnderwriterThe world’s megacities face a host of unique risks which have not yet been fully understood, according to a study by Munich Re.In its report to the United Nation’s World Conference on Disaster Reduction, Munich Re presented new research which…
Reinsurance pricing flat to down: Guy Carpenter
January 11, 2005 by Canadian UnderwriterIn its annual report on reinsurance renewals for January 1, broker Guy Carpenter says pricing is generally flat to slightly down for 2005. The report also notes that pricing seems to be more directly tied to risk modeling, leaving little…
What’s new: In brief (January 10, 2005)
January 10, 2005 by Canadian UnderwriterA.M. Best has affirmed the “A” (excellent) rating of The Guarantee Co. of North America, and the “A-” rating of its U.S. subsidiary, with a stable outlook. The ratings reflect excellent capitalization, strong operating results and a prominent market profile,…
ACE takes US$298 million reserve charge; U.S. insurance CEO resigns
January 6, 2005 by Canadian UnderwriterIt has been a busy two days for Bermuda-based ACE Ltd., which Thursday announced it would take a US$298 million reserve charge on fourth quarter earnings as a result of asbestos & environmental liabilities, and sell three run-off reinsurance operations.…
Willis says reinsurers maintaining discipline on casualty business
January 6, 2005 by Canadian UnderwriterIn its annual review of the global reinsurance market, broker Willis says discipline is being maintained on casualty business, although price softening is becoming evident in the aerospace and marine markets.Despite the heavy catastrophe toll in 2004 on the back…
Tsunami impact not expected to hurt reinsurer earnings
January 2, 2005 by Canadian UnderwriterDespite the overwhelming human and economic losses associated with the tsunami which devastated multiple South Asian countries on December 26, the world’s largest reinsurers say the insurance impact will not be severe.As of Sunday, the death toll is expected to…
What’s new: In brief (December 23, 2004)
December 23, 2004 by Canadian UnderwriterKingsway Financial Services and its U.S. holding company, Kingsway America Inc., have had their ratings affirmed by Dominion Bond Rating Service, based on its consistent execution of strategy and strong underwriting performance. Specific note was taken of improvement in the…
What’s new: In brief (December 21, 2004)
December 21, 2004 by Canadian UnderwriterA.M. Best has issued an “A-” (excellent) financial strength rating to new reinsurer Glacier Re. The new Swiss company was formed by a consortium of investors, including funds advised by HBK Investments and Soros Fund Management, with reinsurance broker Benfield…
What’s new: In brief (December 20, 2004)
December 20, 2004 by Canadian UnderwriterThe November Consumer Price Index published by Statistics Canada finds auto insurance prices have gone down to a significant degree in total, premiums have dropped by 1.6% since last November alone, to have a “dampening” effect on the CPI. Unfortunately,…
What’s new: In brief (December 19, 2004)
December 19, 2004 by Canadian UnderwriterCrawford Adjusters Canada has named John Sharoun as COO, to lead all operating units of the firm and working with CEO Glenn Gibson on a new three-year strategy for the company. Sharoun has more than 30 years industry experience, starting…
Swiss Re estimates 2004 cat losses at US$42 billion
December 16, 2004 by Canadian UnderwriterIn its yearend sigma study of annual catastrophe losses, Swiss Re says 2004 should produce about US$42 billion in insured losses. More significantly, more than 21,000 lives were lost to catastrophes both man-made and natural this year, the report notes.Overall…